[March 30, 2006]

Mantas Transfers India Operations to Induslogic; Offshore Development Partnership Will Leverage Induslogic Scale and Product Development Expertise

VIENNA, Va. --(Business Wire)-- March 30, 2006 -- Induslogic Inc., a leader in outsourced product development services, and Mantas Inc, a leading provider of enterprise-wide compliance solutions to the financial services market, today announced an agreement that successfully transferred Mantas' India operations to Induslogic. With this agreement, Induslogic becomes Mantas' strategic offshore development partner, as well as strengthens its base in India, expands its service line and infrastructure and boosts its technology expertise and research and development capabilities. Mantas' Gurgaon, India-based team will now be an integral part of Induslogic's highly skilled team of software product development professionals.

"This is a win-win for both firms," observed Simon Moss, CEO at Mantas. "Our continued rapid growth requires that we have consistent, controllable scale in place, which is aligned to a knowledge-base of deep intellectual and business skill. The synergy of the Mantas and Induslogic teams is the perfect solution to scale and skill - often a difficult offshore equation to solve. Mantas has been working with Induslogic for three years now and this move increases our capacity exponentially while maintaining the emphasis on quality that the market has come to associate with our services."

Peter Harrison, CEO at Induslogic said, "With the integration of Mantas, we added significantly to our Center of Excellence in developing and maintaining enterprise class Data Warehousing products, and we expect our revenues in this field to increase substantially in 2006."

The outsourced product development market is poised for rapid growth and could reach $8-11 billion by 2008. According to analysts, global sourcing of product development will no longer be an optional strategy by 2007-08. With offshore outsourcing being accepted as a key strategy to stay competitive in the globalized economy, the production cycle for technology-centered products will require global resources and global delivery.

"We see an increasing trend for small- to medium-sized captive centers of U.S. ISVs and ASPs in India to consider merging their operations with firms such as ours," said Tony Surak, vice president of worldwide sales at Induslogic. "We specialize in the full lifecycle of software product engineering and have invested in the brand and infrastructure that scale and withstand the fierce onslaught of global brands into these markets."

Currently, Induslogic employs more than 1,000 software product engineers and developers primarily based in India, and has partnered with leading technology companies to develop and deliver more than 200 product releases during the last twelve months.

About Induslogic Inc.

Induslogic Inc. is a global leader in the market for outsourced software product development. The company's mission is to partner with the worlds emerging software leaders to help them bring great products to market in less time and at less cost. Induslogic has developed a unique model of partnering with companies to create a dedicated, virtual extension of their team offshore. With ongoing partnerships with more than 60 technology firms and one hundred percent reference-ability, its track record is second to none.

Induslogic is headquartered just outside Washington, D.C. with a global services campus on the outskirts of New Delhi, India. Its partners range from small and mid-size software companies to some of the leading technology companies in the world such as AOL, Gemalto and IBM. By leveraging its global facilities, world-class engineers and it's proven platform and method for enabling distributed agile product engineering, a partnership with Induslogic increases quality while dramatically reducing timelines and operating costs, often by more than sixty percent. For more information please visit www.induslogic.com.

About Mantas Inc.

Mantas provides its clients with the industry's most advanced solutions for regulatory compliance, loss prevention and revenue generation. Our clients recognize greater transparency of their business and make better-informed decisions as a result. Mantas is a global software company with operations in Europe, the Americas and Asia/Pacific. Recognized as a leader in global operational transparency, the company's products are used by more than 5,000 finance professionals in more than 100 countries.

Headquartered in Herndon, Va., the company has offices in London, New York, Singapore and New Delhi. Mantas is majority-owned by Safeguard Scientifics, Inc. (NYSE:SFE). For further information please visit www.mantas.com.

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